Results 141–160 of 872 for speaker:Lord Peston

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: Speaking as an economist, that sounds complete nonsense to me. I point out to the Minister that the measure I have just described was at the centre of the collapse of both the British and American financial systems in the post-2007 era. This is precisely what these financial intermediaries were up to and precisely what led to the enormous damage that all the economies have suffered. How the...

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: My Lords, I remind the Committee by way of background that we are discussing adverse, exogenous shocks to the financial intermediation process. Those shocks are impossible to forecast and extremely hard to recognise even when they hit the system. My understanding of why we require macroprudential measures is that it improves the way in which the system works so as to be able to cope with...

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: The noble Lord was talking rugby and we are talking football.

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: If my noble friend were to ask himself who would know most about a macroprudential measure in the Bank, surely that would be the deputy governor, because that is his job. My noble friend is saying that the Treasury should consult. I would argue that the Treasury is sensible enough to know that it should consult the one person who would know what was going on.

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: I am very puzzled by the Minister's answer. That may be because I do not understand what a macroprudential measure is. Macro normally means economy-wide: it does not mean dealing with a specific bank in trouble or anything like that. I would take it to mean that the whole financial intermediation process was in danger of going wrong. I am finding it very hard to believe that, as a matter of...

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: My Lords, first, I support my noble friend Lord Barnett in his remarks about this Joint Committee of both Houses, about which we had a great row last week and were even divided on. We would certainly like to know when it will be set up and when it will appear in detail in the business statement. Having said that, I have two or three questions. My noble friend is quite right to use the word...

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: It is directly relevant because the Minister has argued constantly that these are times of crisis and that we need to act quickly. He keeps arguing that and blaming the previous Government for the crisis rather than his own Government's continued mistakes. It is therefore very relevant for us to know when this committee is going to be set up and who will be on it.

Financial Services Bill: Committee (3rd Day) (10 Jul 2012)

Lord Peston: My Lords, I support my noble friend's amendments. I was particularly struck by her parting remark, which concerns a point that has bothered me a great deal during our deliberations up to now. The voices of the financial institutions are being heard loudly and at great length in your Lordships' House on this matter. I do not criticise them for that-they have interests that they wish to see...

Financial Services Bill: Committee (3rd Day) (10 Jul 2012)

Lord Peston: Just to supplement my noble friend's intervention, am I right that the Minister is trying to tell us in a nutshell that there is no problem whatever with consumer protection in connection with these amendments and that everything will be all right, as Dr Pangloss might put it?

Financial Services Bill: Committee (3rd Day) (10 Jul 2012)

Lord Peston: My Lords, I was hoping that the noble Lord, Lord Flight, would speak at much greater length on this matter, because I find this whole section of the Bill very difficult to understand. The notes on clauses-I do not know whether noble Lords have bothered to take a copy-are about the worst I have seen in my life. They simply repeat the clauses, with no explanation whatever. Therefore, I would...

Economic Policies — Question (4 Jul 2012)

Lord Peston: My Lords, bearing in mind the extreme antipathy of the Europhobes on his own Benches and their desire to leave the European Union, why therefore are they so happy to have our economy run by the credit rating agencies?

Financial Services Bill: Committee (2nd Day) (3 Jul 2012)

Lord Peston: My Lords, the background to my few remarks is the text: "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices". I am delighted that some of the better educated-no doubt those who were taught economics-are well aware of the provenance of this remark, which was by...

Financial Services Bill: Committee (2nd Day) (3 Jul 2012)

Lord Peston: Before the noble Lord goes on with his agreement, which I am looking forward to, I still have not heard any argument from him about "subject to that". What he has to say requires the word "and", not "subject to that". There is no way that "subject to that" makes any sense. To give him an example, could he imagine the head of the FPC being interviewed on the "Today" programme? The first...

Financial Services Bill: Committee (2nd Day) (3 Jul 2012)

Lord Peston: My Lords, I criticise both Amendments 35A and 35 on the grounds that they are both illogical and make no economic sense, to put it as bluntly as I can. I am amazed, however, at the intervention by the noble Lord, Lord Blackwell, just now, because he comes to the wrong conclusion. How can he support Amendment 35A on the basis of his analysis of interlinking? Let me start with Amendment 35A. If...

Civil Service: Training and Development — Question (2 Jul 2012)

Lord Peston: My Lords, do we not have to be extremely careful in going down this kind of path? We have a first-class Civil Service that is actually the envy of the rest of the world. Certainly, when I was a special adviser, although I had my disagreements, they were disagreements at a level that enabled me to appreciate both the integrity of civil servants and how excellent they are. Are we not in danger...

Economy: Deficit Reduction — Question (28 Jun 2012)

Lord Peston: My Lords, bearing in mind that the Lords reform Bill is predicated on the Government's view that your Lordships' House lacks legitimacy, I congratulate the Minister on his willingness-at least on this occasion-to answer our questions, albeit not very satisfactorily. I hope he continues with that. On the substantive issue, has the Minister seen the Governor of the Bank of England's latest,...

Financial Services Bill: Committee (1st Day) (26 Jun 2012)

Lord Peston: No, it does not.

Financial Services Bill: Committee (1st Day) (26 Jun 2012)

Lord Peston: My concern was with the correct use of English. It does not help but I cannot believe that it matters at all.

Financial Services Bill: Committee (1st Day) (26 Jun 2012)

Lord Peston: I meant fired.

Financial Services Bill: Committee (1st Day) (26 Jun 2012)

Lord Peston: My Lords, perhaps I may interrupt as I misunderstood. In my judgment as an economist, the chairman of the Monetary Policy Committee is quite capable of doing some things via that committee that could destroy the whole economy of this country. However, as far as I can see, the rules are that he cannot be fired for that. He can be fired for going bankrupt and one or two other things, but there...


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